Your Home Selling Price Is Not Your Personal Price

Eye on Home Seller's BluesThe funny thing about pricing a home is it’s easy to equate your home price with your price as a person. That’s one of the reasons many people don’t want to lower their price, even if it will help them sell their home more quickly. It might not be because they’ll be underwater with their loan — it’s because they don’t want the price they identify themselves with to slip below a certain level.

Home seller’s say to themselves, “Hey, I don’t want to go below $300,000, I’m worth that!” Same with $500K or $1,000,000. The million-dollar man (or woman, of course) wants to stay that way. It’s a bit of human nature.

When I had my own house on the market I noticed this phenomena. When our agent recommended we lower the price to get more action, the voice in my head yelled, “Oh no, MY price will go down!”

But it’s important to realize we are not our home prices. If you go from $300,000 to $299,000, you won’t look in the mirror and see less of yourself. All that happens is you’ll probably have more people knocking on your door because they’re looking for a house under $300K right now.

I know it stinks, but it works. In terms of your personal worth, you should pride yourself in knowing you’re someone with enough self esteem to not use your home price as a personal marker. In fact, if you end up selling your home quickly — you can feel good about yourself because you were responsible for changing your destiny. You lowered your price so you can move on with the next chapter in your life.

Of course this doesn’t apply to every home owner and every pricing situation, but those of you holding on to a certain price for personal reasons, you know who you are. You may want to turn an eye inward and ask yourself what hurts the most about lowering your home price: Is it because you’ll be badly damaged financially, or is it because it will damage your identity?

If it’s for the second reason, you’ll get over it. I did.

Self esteem is pretty resilient.

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Comments

What great insight to the mental part of selling a home. I’m going to recommend your blog to all of my clients!

Thank you Joe. My goal is to cover all aspects of the home selling experience — and price is always an issue for more than just financial reasons.

Started to read this but it seems to be focused on couples selling, not retirees or widows.

Susan, I have been following the situation with retirees and widows who can not move on until they sell their current homes. This is especially a big issue with retirees who are ready to move to retirement communities and retirement facilities, and need their equity from their homes to do so. (I’ve been discussing this situation with personnel in these facilities just recently.) For many in this category, the price they are asking is not an emotional issue, but a financial one. The challenge is still pricing at a level competitive with the market, yet gives the owner the equity they need to move forward.

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